Steven Wieting Business Quotations

We're not expecting an entirely clean read for the durable goods report. The business confidence data began to bottom at the end of June and that's encouraging. We probably will see modest gains in consumer activity and eventually the business cycle will catch up to that. But so far, everything right now is pointing to frustrating moderate economic growth for the time being,

Business conditions are really slack. The latest rally in stocks doesn't change that.

We continue to expect a long, successful business cycle expansion amid well-known challenges. However, visibility has been somewhat reduced, and the Fed is not fighting off increased market expectations of policy tightening.

Consumption is growing, government outlays are growing and the third quarter will look very strong. But going forward, business spending is flat and decisions are being deferred. That can keep us weak for the near term -- neither contracting nor expanding.